Maidenhead Property Articles

Is the rental market seeing the green shoots of recovery?

According to FindaProperty, the number of available properties for rent has seen a drop of 6.2 per cent in September. It is a big drop for the last 18-20 months but the total number is still 37 per cent bigger compared to 12 months ago.

FindaProperty points out that the amount of flats went down by 7 per cent whereas the number for the houses has seen a smaller deviation by 4.7 per cent.

Another interesting statistics is that the average time to rent out a property has decreased to 59 days from 66 days over the course of last few weeks.
Our director Sarah Akkus commented: “These are all good signs for the rental market. We are not only seeing continued recovery in the rental market but also witnessing the over supply to be normalising”.

How can we help

We provide three standard service packages. Let Only where we simply find a tenant, Let and Rent Collection where we find a tenant and make sure your rent is collected, and Managed, where everything is left to us. The things most landlords need fall within these three service levels. We can be very flexible and will normally be able to meet any specific needs. The main thing for you to decide is whether you want Appleton Estates to manage the property, or if you can do this yourself.

Our ‘Let Only’ service will normally cease once the tenant has moved into the property. However, we still like to remain in frequent contact with our Landlords and Tenants and are always here to answer any questions/queries they may have. This service covers:

Accompanied viewings of your property Referencing checks (as detailed below) Arranging Inventory check-in Collection of first month’s rent and deposit Notifying utility companies and local authority of change of occupier Advice on any aspect of letting

Let Only Fee: payable for rental period of up to one year, reduced for second and third year.

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The ‘Let & Rent Collection’ service includes:

Accompanied viewings of your property Referencing checks (as detailed below) Arranging Inventory check-in Collection of first month’s rent and deposit Notifying utility companies and local authority of change of occupier Advice on any aspect of letting Receive the rent on your behalf through our automated banking system. Detailed, clear to understand Monthly statement.

Let & Rent Collection Fee: collected monthly from rental payments.

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The ‘Managed’ service is designed for Landlords living abroad or in another part of the UK, or for those who simply don’t have time to get involved in the day-to-day management of the property.

Today’s tenants can be rather demanding, expecting a dripping tap or broken fridge to be repaired immediately, no matter how inconvenient the moment may be for you. In our managed service we will take care of all repairs and tenancy issues for you. We will also, for your peace of mind, visit the property to keep an eye on its condition.

Why clients prefer us to manage their property:

Accompanied viewings of your property Referencing checks (as detailed below) Arranging Inventory check-in Collection of first month’s rent and deposit Notifying utility companies and local authority of change of occupier Advice on any aspect of letting Receive the rent on your behalf through our automated banking system. Detailed, clear to understand Monthly statement. Quarterly inspections of your property and reported back to you. Reliable and competitive contractors always used.

Fully Managed Fee: collected monthly from rental payments.

Please request to see our Terms and Conditions for full details or contact us to discuss your specific requirements.

TAXATION AND RECORD KEEPING

You will probably need an accountant to help you with your property income, especially if you will to be living overseas.

Income Tax

The Inland Revenue state that income from property is subject to taxation at standard rates, and your expenses in letting the property are generally tax-deductable (these often can include mortgage interest payments, but will exclude capital expenditure, such as furniture/appliances etc.). You will need to tell the Tax Authorities that you are renting out your property. We can offer general guidance, however, we strongly advise you instruct an accountant if you are uncertain in any way.

Non-Residents

If you will be living overseas you must complete an Inland Revenue NRL1 form (available from us) to enable an agent (whether professional or not) collecting rent on your behalf to transfer this rent on to you without deducting tax at basic rate. Please ask us for more information.

Capital Gains Tax

Again the position varies according to circumstances and we recommend an accountant is consulted for the correct advice.

INSURANCE AND MORTGAGES

As a Landlord you need to advise your buildings insurer that the property is to be occupied by tenants. The tenant will be responsible for insuring their own belongings but you should maintain cover for any contents you are leaving at the property.

If you would like more information on insurance products and services that are designed specifically for Landlords, please call us and we can send you a brochure.

SAFETY REGULATIONS

The Furniture & Furnishings (Fire)(Safety) Regulations 1988 & The Furniture &
Furnishings (Fire)(Safety)(Amendment) Regulations 1993

Effective from March 1st 1993, Landlords letting residential property must ensure that all
upholstered furniture complies with the Fire and Furnishings (Fire)(Safety) Regulations 1988.
Generally, these cover the need for fire-resistant filling material to upholstered articles
and the passing of a match-resistant and cigarette-resistant test.
Failure to do so could result in up to 6 months imprisonment and/or fines up to £5,000.00.

The correct method of displaying compliance is to check that a permanent label is present on
all items of furniture. The regulations apply to:

Three piece suites, armchairs & sofas Beds, headboards, mattresses, divans & bed bases Sofa beds, futons & other convertible furniture Nursery & children’s furniture Loose, stretch & fitted covers for furniture Pillows, scatter cushions & seat pads Garden furniture suitable for use in a dwelling.

Any items not labelled may not conform to the regulation and will have to be removed from the property.

It should be noted that any furniture manufactured prior to 1st January 1950 is exempt from the regulations.

The Gas Safety (Installation and Use) Regulations 1994

This regulation requires a Landlord to ensure that all gas fittings and flues are maintained in good order,
and gas appliances and flues are checked for safety once in a period of 12 months. This must be done by a
CORGI registered engineer and it is essential that this is carried out before a tenant takes occupation. A
copy of the certificate is to be kept at the property at all times and a copy should also be provided to our
lettings department for our records.

The Electrical Equipment (Safety) Regulations 1994

This regulation requires that all electrical appliances, equipment and supply must be safe. Where their safe
use requires, appropriate instruction booklets must also be provided. Plugs and sockets that are newly installed
must conform to the appropriate British Standard or approved alternative.

The General Product Safety Regulations 1994

These regulations mean that the landlords are required to consider general safety of the tenants in their property.
For example, the landlord should supply instruction manuals for the items used in the property. Also, information
sheets covering any issues about potential danger points in the property (e.g. sharp objects/hot surfaces, etc.).

Unlike the gas safety regulations, there is no statutory annual testing interval. Yet, in order to meet the
requirements, it is still important that all electrical equipment be tested regularly.

Smoke Detectors Act 1991

The Department of Environment introduced new regulations which require any new building (built after June
1992) to have smoke detectors installed. Whilst not yet a legal requirement for other properties, we feel
this legislation will soon follow and Landlords can still face serious claims in the event of a fire. We
would therefore strongly recommend Landlords to install at least two smoke detectors.

PREPARING THE PROPERTY

UNFURNISED OR FURNISHED?

We get asked this a lot, and there is no right or wrong answer. Safety is now an import question and as agent we must ensure your soft furnishings meet with current standards. The Regulations are explained later.

You now get the same legal protection when your property is furnished or unfurnished. Furnished properties used to get higher rents but in today there is not much difference, though smaller properties are often let more quickly when furnished.

PREPARING TO LET UNFURNISHED PROPERTIES

The property should be professionally cleaned throughout including carpets and curtains to all rooms. A property can never be too clean at commencement as this is how the tenant will have to hand back the property at termination.

The kitchen should include Cooker, Fridge/Freezer, Washing machine and dishwasher (optional). The remainder of the property can be entirely unfurnished with the exception of carpets, curtains/blinds and light fittings.

PREPARING TO LET FURNISHED PROPERTIES

A fully furnished property should be ready for immediate occupation without the tenant providing anything but their personal belongings (with the exception of TV/video, Hi-Fi) and should include the following:

	Kitchen:	Cooker Fridge/Freezer Washing Machine/Dryer Dishwasher (optional) Microwave (optional) Electric Kettle & Toaster Set of Saucepans & Frying Pan Matching Dinner Service Cutlery & Kitchen Utensils Selection of bakeware Iron & Ironing Board Vacuum Cleaner Broom Dustpan & Brush Mop & Bucket
	Lounge:	Three Piece Suite Coffee Table Table Lamps TV Unit/Stand
	Bedrooms:	Each bedroom should have Bed & Mattress in good condition Mattress Covers New Pillows & Duvet Wardrobes Dressing Table & Stool/Chest of drawers Bedside Table & Lamp
	Dining Room:	Dining Table with Chairs (suitable for size of property) Sideboard or equivalent Placemats
	Bathroom:	Bathroom Cabinet Electric Shower (optional but preferable) Shower Curtain (if applicable) Mirror Bath & Pedestal Mat
	Garden:	(Should be left in a manageable, ’seasonal’ order) Dustbin Lawn mover Gardening Tools Hosepipe
	Garage:	Should be left empty with keys

It is important that furnishings, fittings and décor should be of reasonable quality and in keeping with the style of the property. This will make the property more appealing to prospective tenants, improve your prospects of achieving a fair rental value, avoid continual maintenance and repair of low quality items and, we find, encourages tenants to respect the property as if it were their own.

UTILITIES - INSPECTIONS

ELECTRICITY, GAS and RATES

We will arrange for the transfer of utilities, but not telephone, to the tenant, with the starting meter readings as taken by the Inventory Clerk. You will need to let us know about the relevant companies so we can do this.

CHECK IT OUT!

Our management service includes inspections of the property at least three times a year during the tenancy. This is a general review and not an ‘item by item’ check. This also gives the tenant the opportunity to raise any questions with us. If there is anything for the Tenant to do, we will let them know and check back later. Please see our Terms and Conditions for further details.

REVIEW AND RENEWAL

About two months prior to the end of the agreement we write to the Tenant, to ask if they want to renew. If they do we will then check with the Landlord and agree any revision to the rent, and supply the right paperwork to each party. If the Tenant plans to move out we will contact the Landlord to confirm that the property should be re-marketed for letting.

TENANCY PREPARATION

TENANCY AGREEMENT

The Tenancy Agreement is a legal document and if you are in any doubt over its contents please talk to your solicitor or to us. We use our own Tenancy Agreement except when a Company or Relocation Agency wants to use their own Agreement. Even then you can still talk to us if you have any queries.

The Agreement will usually be an Assured Shorthold Tenancy and will detail the length of the Tenancy, amount of rent due, payment dates, inclusions, exclusions, anything else agreed, such as gardening services included, break clauses etc, as well as many ’standard’ clauses required for the type of Tenancy involved.

INVENTORIES ~ TAKING STOCK

To avoid argument everyone should have a list of everything in the property, and it’s condition at the start, and end of the tenancy, no matter whether the property is furnished or unfurnished.

We always use an independent, professional Inventory Clerk to take stock and so avoid any disputes about the condition and contents of the property. The inventory is a detailed document which will highlight not just the contents of the property, but also the condition and cleanliness of a property and its contents before the agreement starts

It is a very good idea to have the property in the best possible shape before letting - a tenant will only be expected to maintain a property in the condition in which it is found.

FIRST MONTH’S RENT and DEPOSIT

This is collected by us before the Tenancy starts. The deposit is the equivalent of one and a half months rent and is held by us on behalf of the tenant as ‘Stakeholders’. This is then available when agreement is reached between the Landlord and Tenant about how much if anything is needed to cover damages, or cleaning. The Inventory Report helps here to make sure there is a fair straight-forward account of the condition of the property at the end of the tenancy.

REFERENCES

A good tenant is a tenant who pays! When a prospective tenant has been found, a holding deposit is taken in order to establish a level of commitment. We then get a credit reference agency to take up references on the prospective tenant. These cover employment, bank, previous Landlord and a consumer credit records (showing county court judgements) to make sure your tenant’s will be able to afford the rent.

Individual circumstances, such as redundancy, can affect the tenants ability to pay the rent. Appleton Estates can refer you to insurance companies that will give you total peace of mind by arranging to have your rent guaranteed. These schemes make sure that your income will be secure even if the rent is not paid. Please ask for more information, some schemes are available at very little cost.

LANDLORD INFORMATION - LETTING YOUR PROPERTY

RENTAL VALUES

Everyone wants a full market rental to a perfect tenant. The market in Reading is increasingly competitive and we can provide detailed guidance on the market, including achievable rentals, balanced by required time to let, and quality of available tenants at any target rental. Our service is free, and is provided without obligation. This will be based on our experience and knowledge of the current rental market.

FINDING A TENANT - OLD AND NEW WAYS COMBINED FOR BEST RESULTS

Using today’s technology we can get more information about your property into the hands of more prospective tenants more quickly than ever before.

But it’s not just about speed and numbers. Behind every enquiry, every viewing, and every tenant is an individual, or a family who are working to solve their biggest problem ~ where to live.

We combine technology, market knowledge, people skills to match prospective tenants and properties to achieve get the right result for everyone involved.

And we make the most of New Technology. When you choose an exclusive Appleton Estates marketing package you will benefit from:

• Daily updated website
• Prominent advertising in Reading’s leading property papers
• Free Virtual Tours of EVERY room in your property - never done in lettings before. We have the latest technology that allows us to take one shot 360° Virtual tours, allowing prospective tenants to walk through your property 24 hrs a day, 7 days a week, 365 days a year.
• Eye catching “To Let” boards
• Applicants are kept updated with matched properties at the click of a button. Appleton Estates’ ability to contact more people at once means we can generate immediate interest in your property
• Online viewing requests
• Frequent updates/feedback

INTERNET MARKETING

The Internet is by miles the fastest growing commercial medium, available to hundreds of new prospective tenants every month. Your property will be presented with full details, colour photographs and virtual tours of each and every through our award winning website http://www.appleton-sales.com and we don’t just stop there.

Some websites, like Amazon, and Yell are used as a universal tools by people looking for property to rent. We will advertise your property with a number of the leading sites to reach big Companies and Individuals looking for property to let nationally.

GOOD ADVERTISING=MORE RESPONSE=MORE VIEWINGS =MORE OFFERS

VIEWINGS

Your property will always be shown to potential tenants by one of our experienced negotiators at a time most convenient to you. To ensure your property is let as quickly as possible we aim to keep viewing as flexible as possible. You will be kept informed of all viewings and any helpful feedback we receive.